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Question
When only Partner's Capital Account is maintained all the adjustments are made in ______.
Options
Partners' Capital Accounts
Partners' Current Accounts
Cash Account
None of the above
MCQ
Fill in the Blanks
Solution
When only Partner's Capital Account is maintained all the adjustments are made in Partners' Capital Accounts.
Explanation:
When only a Partner's Capital Account is maintained, all modifications are done in the Capital Account itself, with no need to open a separate account for this purpose.
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Maintenance of Capital Accounts of Partners
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